Six companies express interest to invest in ‘Colombo Port City’ project | Daily News

Six companies express interest to invest in ‘Colombo Port City’ project

Investment Promotion State Minister Dilum Amunugama told Parliament yesterday that six companies have already expressed their interest to invest in the ‘Colombo Port City’ project.

The State Minister was speaking during the Committee Stage debate on Expenditure Heads of Finance, Economic Stabilization, and National Policies Ministry.

He said that further activities regarding the investment in the Port City project are progressing and the financial regulations are currently being prepared. Once these are passed in Parliament and gazetted, the companies will be allowed to start investment activities.

He said that the Port City project will be started in two phases. Several businesses will be started temporarily first and then those businesses will be removed after the arrival of the main businesses.

State Minister Amunugama said that 70 percent of the work related to the leasing rooms and buildings in Lotus Tower is completed and Rs.218 million has already been earned up to now after it opened for the public. He said that an Investment Promotion Division should be established in every ministry under an Additional Secretary since many institutions are associated with the Investment Promotion Ministry.

He further said the task of bringing major foreign direct investment into the country cannot be done by a single Ministry alone.

Many institutions are involved in providing facilities to investors. Therefore, every Ministry should have a division under an Additional Secretary for investment promotion. This economy can be recovered if tourism and investment promotion sectors are developed.

There were 73 projects waiting for the necessary permission from the relevant institutions when I assumed duty as a State Minister in charge. However,60 of the 73 projects have been approved so far. Also, approvals have not been given so far for several projects due to some rules that have been put in place.




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